Tax Audit

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suparna k s (Querist)
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01 December 2009 Dear All,

What is the implication if luxury tax is not included along with sales? The aggregate of sales and luxury tax exceeds tax audit limit but if it is not included and the return is uploaded belatedly, what are the implications? Is there any relief or any case law with the same situation?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 December 2009 The turn over for the purpose of tax audit depends on the method of accounting adopted by the auditee. For example ICAI in their publication Guidance note on tax audit says, if tax collection is credited in a separate ledger folio and the corresponding tax payment is also debited in the said account, tax collection should not form part of turnover. If the auditee have done so 44AB. will not attract to them. Consequently belated filing will attract interest alone, if applicable.
On the other hand, tax collected is accounted in a way other than mentioned above, belated filing will lead to interest, if applicable, and penalty under section 271B for not filing tax audit return in time since the turnover , as u said, crosses the limit.

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